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The SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) and other gold-related exchange traded products have perked up in recent weeks with GLD, the world’s largest gold ETF, climbing more than 3% over the past month.

However, bullion’s bounce has not convinced all market observers that a sustained rally is in store.

Gold is seeing greater support from safe-haven demand after currency devaluations across Asia added to investment demand for a better store of value than paper currencies or stocks and bonds. Bullion was recovering lost ground after dropping to a five-year low last month on concerns that the Fed would hike rates as early as September. Obviously, a rate hike for 2015 can now only happen in October or December.

Although precious metals ETFs have recently displayed some strength, gold is still in a lengthy bear market, giving some traders pause about how much more near-term upside the yellow metal has in store.

“Gold has regained its shine in recent months, but that doesn’t change the dull outlook for the precious metal over the longer-term, warns Goldman Sachs, which sees prices falling to $1,000 in 12 months as the Federal Reserve normalizes monetary policy,” reports CNBC.